Cenovus Energy (TSE:CVE) Reaches New 1-Year High – Should You Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$26.60 and last traded at C$26.28, with a volume of 3129727 shares. The stock had previously closed at C$25.98.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 price target on the stock. in a report on Tuesday, January 20th. The Goldman Sachs Group upgraded Cenovus Energy to a “strong-buy” rating in a research note on Friday, January 2nd. Scotiabank lifted their price target on Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research report on Tuesday, January 20th. Desjardins boosted their price objective on Cenovus Energy from C$33.00 to C$33.50 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from C$30.00 to C$32.00 in a research note on Thursday, October 9th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of C$28.95.

Cenovus Energy Price Performance

The company has a quick ratio of 1.00, a current ratio of 1.59 and a debt-to-equity ratio of 33.59. The stock has a market cap of C$49.90 billion, a P/E ratio of 15.29, a PEG ratio of 0.09 and a beta of 0.50. The firm’s fifty day moving average price is C$24.25 and its 200-day moving average price is C$23.22.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings results on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. The business had revenue of C$13.20 billion during the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. Analysts forecast that Cenovus Energy Inc. will post 2.2619279 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, December 15th. Cenovus Energy’s payout ratio is 43.93%.

Insider Buying and Selling at Cenovus Energy

In other Cenovus Energy news, Director Michael John Crothers purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was bought at an average cost of C$24.23 per share, for a total transaction of C$48,460.00. Following the purchase, the director directly owned 8,000 shares in the company, valued at C$193,840. The trade was a 33.33% increase in their ownership of the stock. 32.03% of the stock is owned by corporate insiders.

Cenovus Energy Company Profile

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.